Section 58: Functions, Duties and Power of Chief Executive

1) The major duties of the chief executive officer shall be to undertake the daily management and administrative functions of the insurance company as per the policies passed by the Board of Directors, directives issued by the Nepal Insurance Authority and prevailing laws.

2) The following are the functions, duties and powers of the Chief executive:

(a) To implement the decisions of the Board and supervise and control the activities and transactions of the insurance company, subject to this Act and the Memorandum of Association and Articles of Association,

(b) To prepare annual budgets and action plans of the insurance company and present them before the Board for approval,

(c) To manage necessary human resources, subject to the personnel bye-laws of the insurance company,

(d) To implement, or cause to be implemented, the decisions of the Board and the General Meetings,

(e) To operate the insurance company as per this Act and directions of the Nepal Insurance Authority and ensure efficient internal control system and risk management in the insurance company,

(f) To present on time all such particulars, documents, decisions, etc., as are required to be submitted by the insurance company to the Nepal Insurance Authority or any other body subject to this Act and the Memorandum of Association and Articles of Association.

3) The Executive Chief shall be accountable to the Board for all of their functions.